Debt freedom unlocks college savings potential.
The Johnsons, with a combined income of $450,000, felt overwhelmed by $68,000 in debt, including a car loan, home improvement loan, and several credit card balances. This debt was hindering their ability to aggressively save for their three children's college education and their own retirement.
By inputting their debts into the Debt Snowball Calculator, we prioritized paying off the smallest balances first, regardless of interest rate. This approach, coupled with a commitment to allocate an extra $2,000 per month towards debt repayment, allowed them to become debt-free two years earlier than initially projected, saving them an estimated $6,500 in interest payments.
The Debt Snowball Calculator allowed us to visualize the debt repayment process and easily adjust monthly payment amounts to optimize the payoff timeline. We also used the PITI Calculator to optimize their monthly mortgage payments.
$6,500 in saved interest, debt-free 2 years sooner, plus $24,000 annually freed up for college savings.
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